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For the Bitcoin Bros - $400,000 in 2021?

creepycoug
creepycoug Member Posts: 24,068
edited May 2022 in Tug Tavern
Now, with many bitcoin and crypto analysts trying to call where the market top will be, a Bloomberg analyst has predicted the bitcoin price could hit $400,000 this year—even as Musk seems more interested in "joke" bitcoin rival dogecoin.

https://www.forbes.com/sites/billybambrough/2021/04/08/bitcoin-price-prediction-why-bitcoin-could-rocket-to-400000-in-2021/?sh=77443b5b27a3

Also,

The precise cause of the early Saturday morning bitcoin price surge was not immediately clear, however, a cryptic tweet from Tesla TSLA +0.1% billionaire and bitcoin-buyer Elon Musk has spurred the $2 trillion cryptocurrency market higher.

"... going to moon very soon," Musk said via Twitter, shortly after the bitcoin price jumped, perhaps referencing the popular "bitcoin to the moon" meme and sparking speculation Musk's rocket company SpaceX could follow Tesla in adding bitcoin to its balance sheet.

https://www.forbes.com/sites/billybambrough/2021/04/10/moon-very-soon-cryptic-elon-musk-spurs-bitcoin-on-as-price-suddenly-blasts-past-60000-and-ethereum-hits-fresh-high/?sh=7150f33b4e0a

The bet is almost elegantly simple. You're not reading a balance or evaluating a business. You have $60,000 to invest - I do - and you throw it into this thing and basically cross your fingers.

Can someone talk me into, or out of, this?

@greenblood ???
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  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,313 Standard Supporter
    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.
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  • Baseman
    Baseman Member Posts: 12,369
    edited April 2021
    creepycoug said:

    Now, with many bitcoin and crypto analysts trying to call where the market top will be, a Bloomberg analyst has predicted the bitcoin price could hit $400,000 this year—even as Musk seems more interested in "joke" bitcoin rival dogecoin.

    https://www.forbes.com/sites/billybambrough/2021/04/08/bitcoin-price-prediction-why-bitcoin-could-rocket-to-400000-in-2021/?sh=77443b5b27a3

    Also,

    The precise cause of the early Saturday morning bitcoin price surge was not immediately clear, however, a cryptic tweet from Tesla TSLA +0.1% billionaire and bitcoin-buyer Elon Musk has spurred the $2 trillion cryptocurrency market higher.

    "... going to moon very soon," Musk said via Twitter, shortly after the bitcoin price jumped, perhaps referencing the popular "bitcoin to the moon" meme and sparking speculation Musk's rocket company SpaceX could follow Tesla in adding bitcoin to its balance sheet.

    https://www.forbes.com/sites/billybambrough/2021/04/10/moon-very-soon-cryptic-elon-musk-spurs-bitcoin-on-as-price-suddenly-blasts-past-60000-and-ethereum-hits-fresh-high/?sh=7150f33b4e0a

    The bet is almost elegantly simple. You're not reading a balance or evaluating a business. You have $60,000 to invest - I do - and you throw it into this thing and basically cross your fingers.

    Can someone talk me into, or out of, this?

    @greenblood ???

    I want to pull the trigger but I can't. I just can't.

    Bought some COIN this morning. They have 12% of the crypto market and make 0.5% per transaction. Their share of the market is expected to grow. Risks: Crypto market collapses. More competition enters the space drives the transaction fee lower.

    Investment thesis. $2.2 trillion market and growing. First mover advantage and already profitable. $3B+ net 2021 income if they match the first quarter. Disrupter and backed by a lot of smart rich people.
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  • creepycoug
    creepycoug Member Posts: 24,068
    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
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  • Baseman
    Baseman Member Posts: 12,369
    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    Did you buy from Coinbase?
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  • creepycoug
    creepycoug Member Posts: 24,068
    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    I told you in the other thread that I was in. Time and place sweet cheeks.
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  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,313 Standard Supporter
    Baseman said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    Did you buy from Coinbase?
    Yes, and if that was a bad idea please be nice because I am just now dipping my toe in to the investment game. This is the most interesting bored on this site for me right now even though I don't understand half of the acronyms and hawt talk being passed around.
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  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,313 Standard Supporter
    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
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  • Baseman
    Baseman Member Posts: 12,369
    edited April 2021
    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    You can buy fractional coins. Enter the amount you want to buy and the app will show you the amount you're $ will buy. If you do it on Coinbase they'll take a 0.5% fee. I don't know if other venues charge fees. Coinbase appears to be the Crypto platform for dummies. Safe and easy to use. So, I'm told.
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  • dirtysouwfdawg
    dirtysouwfdawg Member, Swaye's Wigwam Posts: 14,140 Swaye's Wigwam
    Baseman said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    You can buy fractional coins. Enter the amount you want to buy and the app will show you the amount you're $ will buy. If you do it on Coinbase they'll take a 0.5% fee. I don't know if other venues charge fees. Coinbase appears to be the Crypto platform for dummies. Safe and easy to use. So, I'm told.
    If I can do it, @FireCohen can do it.

    Very easy. Interface is a little clunky but I’m sure it’ll get better.
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  • BuffBuffPass
    BuffBuffPass Member Posts: 326
    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Bitcoins are divisible up to 8 decimal places. 0.00000001 BTC is called a satoshi, or a sat for short, after the pseudonym of the creator. A lot of Bitcoiners just set a monthly buy of x number of satoshis and call it "stacking sats".

    As for the article, it's possible but unlikely IMO. Bambrough is the worst kind of Bitcoin journalist. Basically pure clickbait.
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  • BuffBuffPass
    BuffBuffPass Member Posts: 326
    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.

    This is what people misunderstand. Bitcoin is the long term safety net. It's the hedge against countries with insane monetary policies, including ours. At a minimum it will continue to eat gold's market share of the store of value market but it's the hedge against the psychotic MMT promoters too.
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  • creepycoug
    creepycoug Member Posts: 24,068
    Baseman said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    You can buy fractional coins. Enter the amount you want to buy and the app will show you the amount you're $ will buy. If you do it on Coinbase they'll take a 0.5% fee. I don't know if other venues charge fees. Coinbase appears to be the Crypto platform for dummies. Safe and easy to use. So, I'm told.
    You read my mind. I drafted that question and didn't hit "Post Comment" before being distracted on something else. So you can wade into the pool. Good to know.
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  • MelloDawg
    MelloDawg Member Posts: 6,852
    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
    You sound poor.
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  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,313 Standard Supporter
    MelloDawg said:



    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
    You sound poor.
    Trying way too hard, band fag.
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  • MelloDawg
    MelloDawg Member Posts: 6,852
    BleachedAnusDawg said:

    MelloDawg said:



    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
    You sound poor.
    Trying way too hard, band fag.
    Or not trying hard enough.
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  • RoadDawg55
    RoadDawg55 Member Posts: 30,147
    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    Same. I had a friend go in heavy in 2017 but I thought it was too late because it was already mainstream. He told me I would regret not buying some. I was taught or at least self taught to think that once the average Joe finds out about something it’s too late.
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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,041 Standard Supporter
    RoadDawg55 said:

    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    Same. I had a friend go in heavy in 2017 but I thought it was too late because it was already mainstream. He told me I would regret not buying some. I was taught or at least self taught to think that once the average Joe finds out about something it’s too late.
    I keep praying to the financial gods that I’ll just blunder my way into something on big on the ground floor like a lot of these rich assholes.

    One of the wealthiest people I know admitted to me, “yes, I worked hard...but a lot of it was just being lucky enough to be in the right place at the right time.”
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  • DerekJohnson
    DerekJohnson Administrator, Swaye's Wigwam Posts: 68,532 Founders Club
    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    I made my first purchase two days ago. Same rationale.
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  • jecornel
    jecornel Member Posts: 9,737
    voyager app is an alternative to coinbase. They pay interest on coins. Coinbase is considered the gold standard mainstream wise but there are tons of crypto exchanges. It gets complicated. Voyager and coinbase are the easiest to navigate. Voyager app pays 8.5% APR on USDC which is the same as cash not FDIC insured. I have both apps. Voyager is publicy traded and has their own coin that you can buy to boost interest rates. https://www.investvoyager.com/app/

    Voyager has been getting shit on a bit but mainly because their growth has been insane. I have used it since January with little issue. No desk top version yet. Their support is lacking. Stock symbol https://www.marketwatch.com/investing/stock/vygvf

    You could buy 10 or 15k of bitcoin for exposure. There are so many coins that could 10 to 50x. AAVE coin has a 70,000% return in one year. AAVE peaked $500 bucks a coin and you could have bought it for $.05 cents a year ago. Polkadot & Chainlink I believe are 1000% return. Enj coin 3000%. Tons of coins like this.

    AVAX (Avalanche) could be a $1000 dollar coin trading at $38 dollars (voyager app)

    Ethereum is considered the next trillion dollar coin which you could buy instead of Bit.

    Some say just buy bitcoin and Ethereum and nothing else. Hard to argue that but the explosive growth in altcoins is hard to pass up.

    If I had 60k to burn on crypto, 25k into bit and Eth, and the remaining 10k I would put into various coins. This would be a long-term approach. If you want to attempt wild gains in the next year or two. You could turn that 60k into a couple million.


    There are other exchanges like uniswap but you need ethereum to buy through it to pay for "gas" fees and download metamask onto your browser and do a bunch of transfer bullshit that I am not willing to do but it does expand your coin options.

    My exposure is low but it's fun right now because coins are riding the wave right now.

    This guy is awesome, tons of videos and good data: https://www.youtube.com/watch?v=zRJslqJJRJs

    Another resource guy: https://www.youtube.com/channel/UCl2oCaw8hdR_kbqyqd2klIA


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  • PurpleThrobber
    PurpleThrobber Member Posts: 48,126 Standard Supporter
    Doog_de_Jour said:

    RoadDawg55 said:

    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    Same. I had a friend go in heavy in 2017 but I thought it was too late because it was already mainstream. He told me I would regret not buying some. I was taught or at least self taught to think that once the average Joe finds out about something it’s too late.
    I keep praying to the financial gods that I’ll just blunder my way into something on big on the ground floor like a lot of these rich assholes.

    One of the wealthiest people I know admitted to me, “yes, I worked hard...but a lot of it was just being lucky enough to be in the right place at the right time.”
    That's about 75% of it.

    Lots of smart people, lots of hard working people but right place/right time accounts for a shitload of it. Know plenty of Microsoft/Amazon millionaires and, quite honestly, there are 50 regular posters here just as smart, just as witty, just as whatever.....

    God forbid you ever point that out to any of them though.


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  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,313 Standard Supporter
    For the crypto experts, what is this? Should I do this since I bought as a long-term hold, anyways?


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  • Doog_de_Jour
    Doog_de_Jour Member Posts: 8,041 Standard Supporter
    DerekJohnson said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    I made my first purchase two days ago. Same rationale.
    How did you buy it?
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  • BleachedAnusDawg
    BleachedAnusDawg Member Posts: 13,313 Standard Supporter
    Doog_de_Jour said:

    DerekJohnson said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    I made my first purchase two days ago. Same rationale.
    How did you buy it?
    Coinbase app.
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  • jecornel
    jecornel Member Posts: 9,737
    Yes, stake it.
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  • Baseman
    Baseman Member Posts: 12,369
    jecornel said:

    Yes, stake it.

    How?
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  • creepycoug
    creepycoug Member Posts: 24,068
    BuffBuffPass said:

    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.

    This is what people misunderstand. Bitcoin is the long term safety net. It's the hedge against countries with insane monetary policies, including ours. At a minimum it will continue to eat gold's market share of the store of value market but it's the hedge against the psychotic MMT promoters too.
    THIS is about as good an explanation for why I should do it that I've seen. Still, I feel like I just really don't understand it enough and it would be a complete leap of faith.
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  • jecornel
    jecornel Member Posts: 9,737
    Coinbase will provide all the prompts. It’s essentially just earning interest on the coin.
    Baseman said:

    jecornel said:

    Yes, stake it.

    How?


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  • jecornel
    jecornel Member Posts: 9,737
    Think of crypto as the wood coin or dial up for internet.

    Blockchain solving all kinds of things like supply chain problems, health records and it can fix voting but who wants that!

    It will change a ton of shit.
    creepycoug said:

    BuffBuffPass said:

    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.

    This is what people misunderstand. Bitcoin is the long term safety net. It's the hedge against countries with insane monetary policies, including ours. At a minimum it will continue to eat gold's market share of the store of value market but it's the hedge against the psychotic MMT promoters too.
    THIS is about as good an explanation for why I should do it that I've seen. Still, I feel like I just really don't understand it enough and it would be a complete leap of faith.
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